Declared Dividend • Dec 16
First half dividend of BD$0.12 announced Shareholders will receive a dividend of BD$0.12. Ex-date: 30th December 2024 Payment date: 31st January 2025 Dividend yield will be 4.8%, which is higher than the industry average of 3.4%. Sustainability & Growth Dividend is covered by both earnings (64% earnings payout ratio) and cash flows (44% cash payout ratio). The dividend has increased by an average of 5.5% per year over the past 10 years and has been stable with no material reductions to payments, indicating a long track record of dividend growth and stability. Earnings per share has remained steady over the last 5 years. Unless this trend deteriorates, it should provide adequate earnings cover for the dividend. Reported Earnings • Dec 05
First half 2025 earnings released: EPS: BD$0.27 (vs BD$0.23 in 1H 2024) First half 2025 results: EPS: BD$0.27 (up from BD$0.23 in 1H 2024). Revenue: BD$139.8m (up 17% from 1H 2024). Net income: BD$5.87m (up 17% from 1H 2024). Profit margin: 4.2% (in line with 1H 2024). Over the last 3 years on average, earnings per share has fallen by 40% per year but the company’s share price has only fallen by 8% per year, which means it has not declined as severely as earnings. New Risk • Aug 13
New minor risk - Profit margin trend The company's profit margins are lower than last year and have reduced by more than 30%. Net profit margin: 2.9% Last year net profit margin: 14% This is considered a minor risk. A large drop in profit margin could indicate the company does not have strong competitive advantages or it is yet to establish itself and its core business. Even if it is a well established business, this may make it a much riskier investment than one that has a combination of proven competitive advantages and a stable or growing profit margin. Currently, the following risks have been identified for the company: Major Risk Shares are highly illiquid. Minor Risk Profit margins are more than 30% lower than last year (2.9% net profit margin). Valuation Update With 7 Day Price Move • Jul 20
Investor sentiment improves as stock rises 22% After last week's 22% share price gain to BD$6.30, the stock trades at a trailing P/E ratio of 5.8x. Average trailing P/E is 13x in the Insurance industry in North America. Total returns to shareholders of 20% over the past three years. Upcoming Dividend • Jul 18
Upcoming dividend of BD$0.12 per share Eligible shareholders must have bought the stock before 25 July 2024. Payment date: 30 August 2024. Trailing yield: 3.8%. Lower than top quartile of Bermuda dividend payers (5.0%). Higher than average of industry peers (2.1%). New Risk • Jul 07
New minor risk - Financial data availability The company's latest financial reports are more than 6 months old. Last reported fiscal period ended September 2023. This is considered a minor risk. If the company has not reported its earnings on time, it may have been delayed due to audit problems or it may be finding it difficult to reconcile its accounts. Currently, the following risks have been identified for the company: Major Risk Shares are highly illiquid. Minor Risk Latest financial reports are more than 6 months old (reported September 2023 fiscal period end). Valuation Update With 7 Day Price Move • Jul 05
Investor sentiment deteriorates as stock falls 16% After last week's 16% share price decline to BD$5.17, the stock trades at a trailing P/E ratio of 4.8x. Average trailing P/E is 13x in the Insurance industry in North America. Total returns to shareholders of 15% over the past three years. Declared Dividend • Jul 01
First half dividend of BD$0.12 announced Shareholders will receive a dividend of BD$0.12. Ex-date: 25th July 2024 Payment date: 30th August 2024 Dividend yield will be 3.9%, which is higher than the industry average of 3.4%. Sustainability & Growth The dividend has increased by an average of 5.5% per year over the past 10 years and has been stable with no material reductions to payments, indicating a long track record of dividend growth and stability. Earnings per share has grown by 30% over the last 5 years. Unless this trend reverses, it should provide support to the dividend and adequate earnings cover. Duyuru • Jan 10
Argus Group Holdings Limited Announces Dividend, Payable on 26 January 2024 Argus Group Holdings Limited announced a dividend declaration on common shares of 0.12 cents. Record Date is 29 December 2023. Payment Date is 26 January 2024. New Risk • Dec 22
New minor risk - Profit margin trend The company's profit margins are lower than last year and have reduced by more than 30%. Net profit margin: 11% Last year net profit margin: 23% This is considered a minor risk. A large drop in profit margin could indicate the company does not have strong competitive advantages or it is yet to establish itself and its core business. Even if it is a well established business, this may make it a much riskier investment than one that has a combination of proven competitive advantages and a stable or growing profit margin. Currently, the following risks have been identified for the company: Major Risk Shares are highly illiquid. Minor Risks Unstable dividend paying track record with dividend experiencing an annual drop of over 20% in the past. Profit margins are more than 30% lower than last year (11% net profit margin). Duyuru • Nov 25
Argus Group Holdings Limited, Annual General Meeting, Dec 29, 2023 Argus Group Holdings Limited, Annual General Meeting, Dec 29, 2023, at 09:00 Atlantic Standard Time. Duyuru • Oct 11
Argus Group Holdings Limited Announces Resignation of Garrett Curran as Director Argus Group Holdings Limited announced that Mr. Garrett Curran has formally resigned as a director of the Company and its subsidiaries Centurion Insurance Services Limited and Antes Insurance Brokers Limited (both as a Director) effective as of 28 September 2023. Reported Earnings • Jul 23
Full year 2023 earnings released: EPS: BD$1.29 (vs BD$1.21 in FY 2022) Full year 2023 results: EPS: BD$1.29 (up from BD$1.21 in FY 2022). Revenue: BD$202.4m (up 5.1% from FY 2022). Net income: BD$27.7m (up 7.6% from FY 2022). Profit margin: 14% (in line with FY 2022). Over the last 3 years on average, earnings per share has increased by 46% per year but the company’s share price has only increased by 33% per year, which means it is significantly lagging earnings growth. Reported Earnings • Dec 18
First half 2023 earnings released: EPS: BD$1.23 (vs BD$0.38 in 1H 2022) First half 2023 results: EPS: BD$1.23 (up from BD$0.38 in 1H 2022). Revenue: BD$96.1m (flat on 1H 2022). Net income: BD$26.3m (up 225% from 1H 2022). Profit margin: 27% (up from 8.4% in 1H 2022). Over the last 3 years on average, earnings per share has increased by 53% per year but the company’s share price has only increased by 25% per year, which means it is significantly lagging earnings growth. Duyuru • Dec 06
Argus Group Holdings Limited Declares Interim Dividend for the Six Months Ended September 30, 2022, Payable on January 27, 2023 Based on the group’s financial strength and performance, Argus Group Holdings Limited has declared a dividend of 11 cents per share for the six months ended September 30, 2022 for shareholders of record as of December 31, 2022, payable on January 27, 2023. Reported Earnings • Aug 20
Full year 2022 earnings released: EPS: BD$1.21 (vs BD$0.47 in FY 2021) Full year 2022 results: EPS: BD$1.21 (up from BD$0.47 in FY 2021). Revenue: BD$192.6m (up 8.3% from FY 2021). Net income: BD$25.7m (up 154% from FY 2021). Profit margin: 13% (up from 5.7% in FY 2021). Over the last 3 years on average, earnings per share has increased by 26% per year whereas the company’s share price has increased by 25% per year. Duyuru • Aug 09
Argus Group Holdings Limited Announces Change of Company Secretary Argus Group Holdings Limited announced the appointment of Ms. Janice Fernandes as the Company Secretary. She replaces the Interim Company Secretary, Mr. Simon Giffen. The appointment is effective immediately. Ms. Fernandes will manage all corporate secretarial matters related to Argus Group Holdings Limited, ensuring they comply with legal and regulatory requirements. Valuation Update With 7 Day Price Move • Jun 28
Investor sentiment improved over the past week After last week's 33% share price gain to BD$6.33, the stock trades at a trailing P/E ratio of 7.2x. Average trailing P/E is 10x in the Insurance industry in North America. Total returns to shareholders of 128% over the past three years. Valuation Update With 7 Day Price Move • Jun 09
Investor sentiment deteriorated over the past week After last week's 21% share price decline to BD$4.76, the stock trades at a trailing P/E ratio of 5.4x. Average trailing P/E is 11x in the Insurance industry in North America. Total returns to shareholders of 82% over the past three years. Reported Earnings • Dec 25
First half 2022 earnings: Revenues and EPS in line with analyst expectations First half 2022 results: EPS: BD$0.38 (up from BD$0.035 loss in 1H 2021). Revenue: BD$96.2m (up 12% from 1H 2021). Net income: BD$8.10m (up BD$8.84m from 1H 2021). Profit margin: 8.4% (up from net loss in 1H 2021). The move to profitability was driven by higher revenue. Revenue was in line with analyst estimates. Over the last 3 years on average, earnings per share has increased by 37% per year but the company’s share price has only increased by 18% per year, which means it is significantly lagging earnings growth. Upcoming Dividend • Dec 23
Upcoming dividend of BD$0.10 per share Eligible shareholders must have bought the stock before 30 December 2021. Payment date: 28 January 2022. Payout ratio is a comfortable 20% and this is well supported by cash flows. Trailing yield: 3.3%. Lower than top quartile of Bermuda dividend payers (5.4%). Higher than average of industry peers (2.4%). Board Change • Sep 29
High number of new directors There are 5 new directors who have joined the board in the last 3 years. Independent Director Garrett Curran was the last director to join the board, commencing their role in 2021. The company’s lack of board continuity is considered a risk according to the Simply Wall St Risk Model. Board Change • Aug 04
Less than half of directors are independent There are 5 new directors who have joined the board in the last 3 years. Of these new board members, none were independent directors. The company's board is composed of: 1 independent director. 11 non-independent directors. Independent Director Barbara Merry was the last independent director to join the board, commencing their role in 2017. The following issues are considered to be risks according to the Simply Wall St Risk Model: Minority of independent directors. Lack of board continuity. Duyuru • Feb 16
Argus Group Holdings Limited Names David A. Brown as Chairman of the Board, Effective April 1, 2021 Argus Group Holdings Limited (Argus, the Company or the Argus Group) announced that it has appointed insurance industry veteran, David A. Brown, as Chairman of the Board, effective April 1st. Mr. Brown will succeed Sheila Nicoll, who has been a member of the Board for 15 years and who has served as the Chairman since 2010. Mr. Brown said he is excited about the opportunity to work with Argus in this new role. Argus is a company with great potential and has been undergoing some serious adjustments related to the changing healthcare system in Bermuda and the Company’s expansion internationally. This makes the work of the Board both challenging and interesting for directors like me. The Management team is energetic and has been creative in developing ideas to grow its business overseas and to deal with the necessary adjustments in the healthcare and pension businesses. Valuation Update With 7 Day Price Move • Jan 15
Investor sentiment improved over the past week After last week's 26% share price gain to BD$4.18, the stock is trading at a trailing P/E ratio of 9.3x, up from the previous P/E ratio of 7.4x. This compares to an average P/E of 14x in the Insurance industry in North America. Total returns to shareholders over the past three years are 26%. Reported Earnings • Dec 19
First half 2021 earnings released: BD$0.035 loss per share The company reported a poor first half result with weaker earnings, revenues and control over expenses. First half 2021 results: Revenue: BD$86.0m (down 9.1% from 1H 2020). Net loss: BD$741.0k (down 119% from profit in 1H 2020). Over the last 3 years on average, earnings per share has increased by 84% per year but the company’s share price has fallen by 3% per year, which means it is significantly lagging earnings. Valuation Update With 7 Day Price Move • Nov 26
Market bids up stock over the past week After last week's 15% share price gain to BD$3.81, the stock is trading at a trailing P/E ratio of 5.7x, up from the previous P/E ratio of 4.9x. This compares to an average P/E of 14x in the Insurance industry in North America. Total returns to shareholders over the past three years are 14%. Valuation Update With 7 Day Price Move • Nov 06
Market pulls back on stock over the past week After last week's 20% share price decline to BD$3.21, the stock is trading at a trailing P/E ratio of 4.8x, down from the previous P/E ratio of 6x. This compares to an average P/E of 13x in the Insurance industry in North America. Total return to shareholders over the past three years is a loss of 1.5%. Valuation Update With 7 Day Price Move • Oct 31
Market bids up stock over the past week After last week's 37% share price gain to BD$4.00, the stock is trading at a trailing P/E ratio of 6x, up from the previous P/E ratio of 4.4x. This compares to an average P/E of 13x in the Insurance industry in North America. Total returns to shareholders over the past three years are 18%. Valuation Update With 7 Day Price Move • Oct 27
Market bids up stock over the past week After last week's 44% share price gain to BD$4.04, the stock is trading at a trailing P/E ratio of 6x, up from the previous P/E ratio of 4.2x. This compares to an average P/E of 14x in the Insurance industry in North America. Total returns to shareholders over the past three years are 19%. Duyuru • Jul 30
Argus Group Holdings Limited (BER:AGH.BH) completed the acquisition of FirstUnited Insurance Brokers Limited. Argus Group Holdings Limited (BER:AGH.BH) entered into an agreement to acquire FirstUnited Insurance Brokers Limited for €2.9 million on May 22, 2019. FirstUnited would become a wholly owned subsidiary of Argus. Under the terms of the acquisition, FirstUnited will retain its name and continue to operate independently from other Malta-based businesses within the Argus Group. FirstUnited senior management will continue to lead the company, operate from their existing office location and retain the FirstUnited brand. The transaction is subject to receipt of all regulatory approvals.
Argus Group Holdings Limited (BER:AGH.BH) completed the acquisition of FirstUnited Insurance Brokers Limited on September 27, 2019. 
